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Add to Preferred SourcesThe Board of Directors of the Caribbean Development Bank (CDB) has approved a policy-based loan of USD75 million to the Government of Barbados. The loan is part of the wider coordinated assistance provided by international financial institutions to the Government, to support the implementation of the Barbados Economic Recovery and Transformation (BERT) Plan.
Hon. Miss Mia Mottley, Prime Minister of Barbados and CDB’s Governor for Barbados and Dr. William Warren Smith, President, CDB signed the loan agreement during a ceremony at the Bank’s Headquarters.
The funding will support the Government of Barbados’ programme, which includes revenue administration and collection, expenditure and debt management, public financial management, and broad-based growth and social development.
“This policy-based loan represents CDB’s commitment to helping Barbados restore economic stability and achieve sustained growth. Underpinned by considerable analytical and technical work and stakeholder consultation, it lays the foundation for scaled-up support from CDB to Barbados over the medium to long-term,” said Dr. William Warren Smith, President, CDB.
The policy-based loan to the Government of Barbados was designed to align with national priorities and developed in close consultation with the country’s Social Partnership, its ministries, departments and agencies. In addition, it reflects ongoing collaboration between the International Monetary Fund, the Inter-American Development Bank, the World Bank and CDB, with respect to Barbados’ macroeconomic situation.
The loan is the first of a series of four programmatic interventions proposed over the next four years. This intervention will assist the Government with the implementation of the BERT Plan, focusing on immediate fiscal consolidation and stabilisation policies, social sector reforms, and competitiveness and growth-enhancing reforms for economic and social development, resilience-building and sustainability.
In August, CDB’s Board of Directors approved a grant of USD400,000 to help the Government of Barbados further develop its economic reform programme, setting in motion the Bank’s plan to support the country’s return to sustained economic growth.
Original source: CARIBANK
Published on 26 October 2018